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Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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Equity Bottom-Up

<div><ul><li>Vaalco’s asset portfolio includes a mix of development and exploration projects that expose the company to significant growth in the coming years.</li><li>Activity is expected to accelerate across multiple assets in 2026 that could begin to crystallize a portion of the potential.</li><li>The Phase 3 drilling campaign at the Etame Marin Block offshore Gabon is expected to commence in 4Q25. </li></ul></div>

Vaalco’s asset portfolio includes a mix of development and exploration projects that expose the company to significant growth in the coming years.Activity is expected to accelerate across multiple assets in 2026 that could begin to crystallize a portion of the potential.The Phase 3 drilling campaign at the Etame Marin Block offshore Gabon is expected to commence in 4Q25. 

VAALCO Energy

EGY: Estimate Update - 3 November 2025